By Vivek Kumar M
(Reuters) -India’s equity benchmarks edged down on Monday as worries of weak quarterly results by information technology companies overshadowed gains in other sectors.
The Nifty 50 fell 0.27% to 25,082.3 points, while the BSE Sensex lost 0.3% to 82,253.46.
The IT index slid 1.1% and was the biggest sectoral loser, extending its 4% fall last week, as uncertainty over U.S. tariffs continued to weigh on demand.
Sector leader Tata Consultancy Services posted weak results last week, which propelled investors to remain cautious ahead of the earnings from other companies in the sector, analysts said.
HCL Technologies dropped 1.1% ahead of its earnings on the day.
“TCS numbers were below average and that has changed the mood of the IT sector,” said Arun Malhitra, fund manager at CapGrow Capital.
Meanwhile, U.S. President Donald Trump on Saturday said he would impose a 30% tariff on most imports from the European Union and Mexico from August 1, even as they are locked in long negotiations.
“Until we get some clarity on tariffs, the market will remain remain flattish. There would be no big moves on either sides,” Malhotra said.
Back home, investors are waiting for June inflation data, which is likely to show that inflation in India slowed to a more than six-year low on easing of food price rises and a high base, according to a Reuters poll of economists.
Eight of the 13 major sectors rose on the day. The broader mid- and small-caps gained 0.7% and 1%, respectively, led by healthcare and real estate stocks.
Exchange operator BSE and Jane Street’s India trading partner Nuvama Wealth Management rose 3.8% and 1.2%, respectively, as markets regulator said U.S.-based trading firm has deposited 48.44 billion rupees into an escrow account, and requested lifting its trading restrictions.
Ola Electric Mobility soared 18.3% as the electric scooter maker reports narrower sequential loss and said gross margins will improve in fiscal year 2026.
(Reporting by Vivek Kumar M; Editing by Janane Venkatraman and Rashmi Aich)
